You May Have to Wait Longer to Receive Your Tax Refund This Year

Unless you have been living under a rock, there is a good chance that you are well aware of the fiscal cliff situation that has been going on. There may be more side effect from this than we originally thought. It seems that our tax returns may take a little longer getting to us because of the fiscal cliff situation that had been going on.

This year the IRS plans to start processing individual tax returns on January 30th. This is eight days later than they normally start. Many expect that the later start will cause a back up in individual tax returns; therefore everyone may have to wait longer for their return no matter when you file.

So why are they starting late? The IRS acting commissioner Steven T. Miller put out a press release saying “We have worked hard to open tax season as soon as possible.” He went on to say “This date ensures we have the time we need to update and test our processing systems.”

The fiscal cliff is what has made this all so difficult. If congress would have reached a deal much sooner, then we would all already know what is going on with taxes. Instead they took their time and let us fall off the fiscal cliff for a few days and giving the IRS more work to do.

It seems that despite starting tax season eight days later the IRS has no plan to extend the end date. You will still only have until April 15th to get your taxes filed. This leaves people with less time to get it taken care of, which may make tax preparation companies very busy. If they get too busy it may be difficult to get an appointment to get your taxes done. Only time will tell how busy they will get.

With eight less days to file taxes, will the IRS become bombarded with individual tax returns? If they do will it cause problems and errors? If it does cause problems who is going to deal with it? These are all questions that we do not currently have answers to. Some speculate, but no one really knows for sure.

This year when filing your taxes make sure to have patients. The IRS could get backed up and it will take more time to get your return this year, so do not worry that it is not coming. Do make sure to get your taxes done in a timely manner though, no matter when you file you will have a wait. If you are in need of that money quickly you may want to try to file early.